Improve Project Management, Improve Profitability: Learn How!
As the business world is expanding and becoming more competitive, it is increasingly becoming indispensable to undertake a higher number of projects at any given time for better resource optimization. We all know, “Time is money” and now the question is how we translate saved time into better and more efficient utilization for more money for the organization. The answer lies in improving project management. The equation goes like this-
Better project management>>Better Execution>>Higher performance of your business>> Increased revenues>>Increased profits
Project management skills are essential for all the executives not just for the project managers contrary to popular belief. As per the stats only 34 percent of all the projects succeed and the average product has a 43 percent cost overrun. There is no better way to improve project management than by defining clear project objectives and requirements that contribute to project success.
Here are some tips you can follow to improve your project management skills:
- Communicate with your peers or team members – The first step is to get your peers or team members in a room and start communication in a group to make sure everyone is on the same page as far as the requirements and objectives of the project are concerned.
- Create a project plan- This will help further-in organizing your project schedule thereby maintaining cost, risks and resources required to manage these elements.
- Use Cloud Based Project Management Tools- Improve collaboration by using cloud based project management tools. These tools are designed to increase project management, promote collaboration and provide built in workflows.
- Create a project schedule- In order to complete the project efficiently and on time, it is important to create a project schedule by pre-defining the upcoming tasks and approximate delivery date. This will help you in attaining the desired tasks on the decided dates.
- Measure & Track the performance- For smooth running of the project, it is important to measure and track the performance of the project as per the pre-defined schedule to ensure the milestones are going to be achieved.
- Learn from mistakes- There are bound to be complications so it is important to learn from those mistakes. Make sure to write everything down, this will help make it easier to track what went wrong and later discuss ways to improve these mishaps. Communication is key; make sure you are communicating clearly and concisely.
Lastly, remember that a business can only be successful if it delivers the results that the business has set out to achieve. Be in control of the project by managing and adjusting to the proper time and cost constraints. Nothing will improve project management more than delivering a project to a business that allows them to realize the strategic benefit.
Follow these tips and you will be sure to become a master at project management.
Disclaimer: Developer’s Corner Section of ISHIR blog is contributed and maintained by independent developers. The content herein is not necessarily validated by ISHIR.
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